Reliance Retail Ventures Ltd has acquired a majority equity stake in Netmeds for a cash consideration of around Rs 620 crore, Reliance Industries said in a late-night statement on Tuesday.
This investment represents around 60 per cent holding in the equity share capital of Vitalic and 100 per cent direct equity ownership of its subsidiaries — Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited, the statement said.
Netmeds is a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products.
“Netmeds offers a pan-India solution for the quick online purchase and fast delivery of prescription medications to over 20,000 pin codes,” RIL said in a statement.
“This investment is aligned with our commitment to provide digital access for everyone in India. The addition of Netmeds enhances Reliance Retail’s ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers,” said Isha Ambani, director of Reliance Retail, in a statement.
Reliance Retail had this May tied up with Netmeds to deliver groceries also, from its online retail store JioMart.
This acquisition comes days after Amazon India launched ‘Amazon Pharmacy’ in Bengaluru and will conduct pilots in other cities.
